Fitch Rates COPAR 2006-2.

NEW YORK -- Ratings rates Capital One Prime Auto Receivables Trust (COPAR) 2006-2 asset-backed notes as follows:

--$265,000,000 5.33% class A-1 'F1+';

--$349,000,000 5.17% class A-2 'AAA';

--$308,000,000 4.98% class A-3 'AAA';

--$293,101,000 4.94% class A-4 'AAA';

--$34,899,000 5.05% class B 'A'.

The ratings are based on the high quality of the retail auto receivables originated and serviced by Capital One Auto Finance, Inc. (COAF), available credit enhancement, and the transaction's sound legal and cash flow structures.

Initial credit enhancement for the class A notes is 5.25% (2.75% subordination from the class B notes, 1.50% YSOC, and 1.00% initial deposit to the reserve account) and 2.50% for the class B notes. The YSOC represents overcollateralization equal to 1.50% of the current outstanding collateral balance.

Enhancement is expected to grow through the application of excess spread to fund the reserve account to its target level of 2.00% of the outstanding collateral balance. The reserve account has a floor of 0.50% of the initial pool balance. Compared with COPAR 2006-1, initial and target enhancement to the 2006-2 notes decreased by 0.85% and 0.75% for the class A and class B notes, respectively. This decrease in enhancement is mitigated by a significant increase in available excess spread.

Interest on the notes is expected to be distributed on the 15th of each month (or the next business day if the 15th is not a business day) beginning Nov. 15, 2006. As with the past five COPAR securitizations, principal on the notes is paid sequentially, beginning with the class A-1 notes.

One noticeable difference between the 2006-2 collateral and that securitized in the 2006-1 transaction is the inclusion of prime loans originated by both COAF and Onyx Acceptance Corporation (Onyx) in addition to the Capital One's Internet originated 'super-prime' loans. The 2006-1 transaction included only Onyx originated loans and Capital One 'super-prime' loans. Each segment displays high credit quality as measured by Fair, Isaac, and Co. (FICO) scores, resulting in a notably high weighted average FICO score on the 2006-2 portfolio, though down slightly from the 2006-1.

The transaction has increased seasoning compared to that of the 2006-1 transaction and a relatively consistent percentage of new vehicles (39.3%). Notably, the weighted average APR has increased significantly to 7.69 (from 7.02% in 2006-1). The increase results in an increase in excess spread available to cover losses. Fitch expects strong performance from the 2006-2 transaction based on Capital One's retail portfolio's historical performance and past securitizations.

Capital One Financial Corp. (rated 'BBB+', with a Positive Rating Outlook by Fitch as of March 13, 2006) is a nonbank financial services holding company whose principal subsidiaries are Capital One Bank and Capital One Bank FSB. Through acquisitions of Summit Acceptance Corp. in 1998, PeopleFirst.com in 2001, and Onyx Acceptance Corp. in September 2004, COAF now underwrites auto loans to a broad spectrum of borrowers, from 'nonprime' to 'super-prime'. As of June 30, 2006, the company's prime managed portfolio contained approximately $6.3 billion in auto loans.

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